The ECB, along with the IMF and the European Commission make up the troika that has been responsible for the excessive and extended austerity policies across Europe, especially Southern Europe.

For so long, it appeared as if Germany was deaf to challenges about austerity. The anti-austerity violence following the opening of ECB’s new HQ is deeply embarrassing for Germany’s government, especially as it sits down today with members of Greece’s government, trying to find a refinancing lifeline.